Digital expert consultation platform RubiconMD lands $18M Series C

The funds will help the New York City-based platform extend its growth and deliver new product offerings.
By Dave Muoio
02:09 pm
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New York City-based RubiconMD, maker of a digital-expert consultation platform, has snagged $18 million in Series C funding. Deerfield Management Company led the new investments, which included the support of prior backers Optum Ventures, HLM Venture Partners, Waterline Ventures and Heritage Provider Network.

With this, RubiconMD said that its total fundraise now exceeds $40 million.

WHAT THEY DO

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RubiconMD looks to deliver speedy access to asynchronous specialist consults for primary care practices and other provider customers.

Via an app, primary care docs can upload images or type in their questions and the app will route the query to an appropriate expert. These insights are delivered within 12 business hours, although the company says that the average request will require less than four. RubiconMD's platform provides support for more than 120 clinical specialties and subspecialties, and can be integrated into EHRs and clinical workflows.

WHAT IT'S FOR

Alongside supporting continued growth, RubiconMD said in its announcement that these funds will help the company "leverage its data to deliver new product offerings to better serve primary care clinicians."

"Innovating for primary care is and will continue to be at the heart of everything we do," CEO and cofounder Gil Addo Jr. told MobiHealthNews in an email. "The results we've seen in RubiconMD over the last seven years demonstrate how powerful e-Consults are in improving patient care plans. With this new funding, we will continue to invest in new offerings to empower PCPs to deliver great care in the community.

MARKET SNAPSHOT

RubiconMD's platform isn't alone in providing specialist consultations. A handful of telehealth platforms that service provider organizations use their technology to connect medical experts to other practitioners – for instance, Teladoc, which in 2017 acquired Best Doctors to do just that. Other alternatives include WebMD's Medscape Consult, a free online resource for physicians to seek second opinions that a late-2018 study found to be widely employed by practitioners across the globe.

ON THE RECORD

“We are at a crucial moment in the shift towards a value-based health care system, with private and public payers seeking to find innovative ways to improve quality and affordability,” Dr.  Julian Harris, a partner at Deerfield who will be joining RubiconMD's board of directors, said in a statement. “By enabling primary care clinicians to practice at the top of their license, RubiconMD serves as a vital partner for the country’s most innovative primary care groups, helping them to improve outcomes for patients and to reduce costs for our system.”

“By removing the barriers to receiving specialty insights in all settings of care, RubiconMD is driving healthcare towards a more accessible, value-based ecosystem,” Laura Veroneau, partner at Optum Ventures and a RubiconMD board member, said in a statement. “RubiconMD has seen remarkable growth and we are thrilled to continue partnering in their work to bring the healthcare industry into the future.”

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